Business travel expenses

  You can claim deductions you incur when travelling for business or paying for employee travel, for example: airfares train fares bus fares taxi fares. However, there are special rules for claiming expenses incurred while travelling overnight on business.  ...

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Simpler depreciation for small business

Small business owners can choose to use the simplified depreciation rules if they have a small business with an aggregated turnover (the total normal income of the business and any associated businesses) of less than: $10 million from 1 July 2016 onwards $2 million...

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Benefits of using a registered tax agent

According to the latest data released from the ATO 96% of Australian Small Businesses rely on a registered tax agent to help manage their tax and super affairs. The ATO works together with the tax professionals to assist those small businesses. Here are some of the...

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Property depreciation changes

Most property investors know that there were changes to depreciation announced in the May 9 Federal Budget. The draft legislation was released recently and cleared up some confusion, but also contained some good news: The changes do NOT affect commercial property. ...

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Small business incentives extended

Small business can take advantage of $20,000 immediate write-off In March 2017, as part of Treasury Laws Amendment (Enterprise Tax Plan) Bill 2016, the definition of a small business was changed to include those enterprises with an aggregated turnover of less than $10...

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Cars and tax

From 1 July 2017 the following car threshold amounts apply: Income tax There's an upper limit on the cost the taxpayers use to work out the depreciation for the business use of car or station wagon, including four-wheel drives. They need to use the car limit that...

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Small Business Restructure Roll-Over

From 1 July 2016, small businesses will be able to change their legal structure without incurring any income tax liability for certain transactions. This applies when transferring active assets that are CGT assets, trading stock, revenue assets and depreciating...

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